EDIT: Looks like this is now working! Looks like there is a tiny UI bug -- make sure your account is correctly selected on the Security Token page if you have multiple accounts signed in. #userError
Ouch, looks like a serious downside is that a given key can only be used with one Google account.
Trying to add a U2F-compatible token to more than one Google account results in errors: "This Security Key is already registered. Use a key that is not registered yet and try again."